When COVID pretty much shut that market down he flipped over to renting it to traveling health care workers, so still, short term relatively speaking and not quite as lucrative, but still making more than enough to have a very high positive cash flow each month.If you have the patience to deal with the local government and can get a construction loan for your property, there has to be a fantastic upside potential for short term rentals in a location like SD. 

@Michael Plaks Lol, thanks for the clarification Michael I don't want anyone here on BP thinking I'm trying to bring back CPA slavery ;).I was only asking for a local to OH CPA, thinking that they would be better versed in any Oh specific rules and Regulations, but I suppose it makes sense to go nationwide since it's primarily Federal tax's that I'm concerned with.

I invest in Indianapolis because A) it's affordable ~220k median price B) it's landlord friendly and C) there is a lot of pro-local-government support of capital investment in Indianapolis as it transitions into a larger more built up city, leading to further appreciation.

If you are considering a government backed loan like FHA, post offer/acceptance there will be a mandatory inspection which will help identify any major issues as well.Taking into consideration what you find during a physical inspection, you can move repairs/capex down or up and see whether or not the property fits your metrics. 

Many people are familiar with a certain federal indictment recently in MN.

The rich get richer.That's our government "protecting" the people.It's too bad everyone can't participate in investments ike this. 

Unfortunately, it look like I need to wait 1 year cycle prior to launching this business per closing documents with Navy Federal - this is a secondary home loan. 

I have a beach property, and put in my house rules that I don't refund for bad weather, unless there is a mandatory evacuation by the local government. 

I also could definitely justify going back into higher education/city government for the strong W2 and great benefits/hours alone.

@Liz Rogerscapital gains tax is normally $0 at the federal level if you are in the bottom 2 tax brackets(in aggregate which would include all your income).Be mindful that there still may be a state income tax.